And as plugged-in people know, Mr. Minor recently cut the list price for his Presidio Heights mansion and two adjacent parcels to $21 million, a million dollars more than he paid for the real estate in 2007 with a loan for $9 million to which a second for $3 million was added in 2008.

Last week, Mr. Minor filed for Chapter 7 bankruptcy, listing liabilities of $50 million to $100 million and assets of $10 million to $50 million. The asset at 3800 Washington Street remains listed on the MLS for $21,000,000.

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Comments from “Plugged-In” Readers

I bet that the SF tax collector is way down on the list of creditors and will be tied up in law suits for years. So, who gets stuck with the loss of tax revenue? We do.
Minor leaves us with a major headache.

My guess is the property tax on this place prior to this purchase is probably somewhere in the single digit thousands so there really isn’t a technical loss here in the grand scheme of things. The true loss is for all of the other homes in Pacific Heights and the city at large that are grossly Underpaying their fair share of property taxes for the real estate that they are occupying and the services that they are consuming.

Speaking of taxes… Did Minor pay the property taxes on this thing? (I could look, but.. lazy) I assume the new buyer would be responsible for unpaid back taxes, which, for this one place, could total $1 million for the last 5 years.
I could be wrong, but I think when the bank gets this place back it goes for 10ish. It’s probably not Bourn Mansion tragic, but it’s probably on its way.

The lien of property taxes is senior to any loans that were taken out. So “we” (taxpayers) are not losing out as they accrue interest and late fees. By the way, the redemption tax bill is $672k, and the most recent annual tax bill was $195k.

We really should have bankruptcy laws modified to not benefit the rich so much. The Chapter 7 bankruptcy allows you to keep your primary residence and your primary vehicle. So if you have a 20 million dollar house (probably in additional to several others), after your bankruptcy, you are still rich. While for someone who rents a place for less than $1000 dollars a month and declares bankruptcy, you are homeless now. So I think the bankruptcy law should be change so that you can only keep a primary residence that is valued less than medium price of the city you are declaring bankruptcy in.